Developing a Sustainable Accounting Framework in the Indian Cement Industry vis-a-vis Manger Perspectives

Abstract

There is an increasing interest of businesses to make their operations sustainable. But so far, government efforts have led to weak voluntary standards that make companies less accounted for. Companies must manage various performance criteria, metrics, and reporting obligations due to stakeholder requirements as the existing financial accounting procedure restricts the reporter's ability to measure environmental and social initiatives in monetary terms. This study proposes a SAF model for the Indian industry in terms of performance metrics that convey a reasonable presentation of company performance on sustainability heads and ensure that investors can access the total mix of information for the decision-making process. For the study, a sample of 150 officials of the cement companies was taken using a structured questionnaire. The results revealed that there is a lack of any SAR framework for Indian cement companies and there is a requirement of a favourable stakeholder perspective of the need for such measures. The newly developed SAF would improve transparency and performance.